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“Foreclosure activity across the United States continued its slow, steady climb back to pre-pandemic levels in the first half of 2022,” said Rick Sharga, executive vice president of market intelligence at ATTOM. “While overall foreclosure activity is still running significantly below historic averages, the dramatic increase in foreclosure starts suggests that we may be back to normal levels by sometime in early 2023.”
Nationwide 0.12 percent of all housing units (one in every 854) had a foreclosure filing in the first half of 2022.
Bank repossessions climb in first half of 2022
Lenders foreclosed (REO) on a total of 20,750 U.S. properties in the first six months of 2022, up 30 percent from the last half of 2021 and up 113 percent from the first half of 2020.
States that posted the greatest number of REOs in the first half of 2022 included, Illinois (2,434 REOs); Michigan (2,259 REOs); Pennsylvania (1,290 REOs); California (1,043 REOs); and Florida (1,041 REOs).
Q2 2022 foreclosure activity below pre-recession averages in 79 percent of major markets
There were a total of 90,139 U.S. properties with foreclosure filings in Q2 2022, up 15 percent from the previous quarter and up 165 percent from a year ago.
The national foreclosure activity total in Q2 2022 was 68 percent below the pre-recession average of 278,912 per quarter from Q1 2006 to Q3 2007, making Q2 2022 the 23rd consecutive quarter with foreclosure activity below the pre-recession average.
Second quarter foreclosure activity was below pre-recession averages in 177 out 223 (79 percent) metropolitan statistical areas with a population of at least 200,000 and sufficient historical foreclosure data, including New York, Los Angeles, Chicago, Dallas, Houston, Miami, Atlanta, San Francisco, Riverside-San Bernardino, Phoenix and Detroit.
Metro areas with second quarter foreclosure activity above pre-recession averages included Honolulu, Richmond, Virginia-Beach, Albany, and Montgomery.
Average Foreclosure Timeline Increases From 2021
Properties foreclosed in the second quarter of 2022 took an average of 948 days from the first public foreclosure notice to complete the foreclosure process, up from 917 days in the previous quarter and up from 922 days in the second quarter of 2021.
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We guide our clients through difficult issues, bringing our insight and judgment to each situation. Our innovative approaches create original solutions to our clients’ most complex transactions and disputes.